Gas prices jump 33 cents a gallon in Orleans since Monday
Gas prices, which have steadily been on the rise in recent weeks, took a dramatic spike since Monday going up an average of 25 cents a gallon in New York State from $3.80 to $4.05, according to AAA.
In Orleans County, the surge is even higher, up 33 cents from $3.801 a gallon on Monday to $4.129 today, AAA said.
Oil prices are up to $110 a barrel, which affects gas prices which are now at the highest levels in more than a decade, AAA said.
“Like the U.S. stock market, the oil market responds poorly to volatility,” AAA said in a news release. “It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers. The market will likely continue to increase the price of oil as sanctions are imposed on Russia. A potential ban of crude imports from Russia to the U.S. or other countries will likely cause prices to continue to rise to reflect more risk of disruption to tight global oil supplies.”
The price is up $1.24 in the state since a year ago when a gallon of gas cost $2.81. Nationally the average price changed from $2.75 a year ago to $3.84 today, AAA said.
In less than five weeks, the price in Orleans County has jumped 58.3 cents from $3.546 a gallon on Jan. 31 to $4.129 today.